Gold
Comex gold price crashed after making highs near 1450$. Xauusd could not hold gains and precious metals pack crashed. Yesterday US data were pretty bad which ignited gold prices in evening. But dollar index advanced in late night and precious metals crashed from highs. Comex gold crashed from 1446$ to 1404$.
Yesterday Trump tweeted Iran may face severe consequences if they attack any american. Market did not like it and crude oil price fired from 57.40$ to 59$. We will have G-20 meeting outcome by this weekend. Xi Jinping & Trump will meet and may present an agreement at the end of this week.
US needs an agreement very badly as yesterday data showed very bad picture of US economy. We may see interest rate cut instead rate hike this year. FOMC chairman already gave hint that Fed is considering a rate cut this year. This could be a bummer for US economy.
Despite lifetime highs in Dow Jones we dont see anything good on ground. US job markets are suffering and so sales. Yesterday new home sales also decline massively. If we see non farm payroll data decline next week then we may see start of a recession very soon. US cannot afford a war be it Iran or trade war with china at the point of the time.
Currently xauusd price trading at 1405$. Good support in comex gold chart stands at 1398$. If market break and sustain below 1398$. Then expect good pressure in xauusd price till 1391$- 1383$.
Resistance in comex gold chart stands at 1422$. If traders break and sustain above 1422$. Then expect good rise in xauusd till 1429$- 1436$.
Conclusion: Comex gold trend is flat to weak for now but make sure you do not buy on lower levels. Follow levels and trade according to technical levels.
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